Funding for infrastructure projects recently shows that debt has a portion more than equity, triggering public debates. Therefore, leverage as an instrument to measure the ability and willingness of project sponsors to fund becomes the utmost importance to discuss. Relating to leverage, risk and government participation are two main factors that can explain the choice of funding decisions by the project sponsors. For this reason, this study would analyze the effect of risk and government participation on leverage through the two main sectors of infrastructure projects, namely the transportation sector and the energy sector, and derivating risk to political risk and financial risk. The objects of research were 976 infrastructure projects listed in the Asian Development Bank during 2007−2016. We use censored regression to examine the model by infrastructure sectors, both as individual and through interaction effects. The analysis showed that overall, leverage of infrastructure projects was rather influenced by financial risk than by political risk. However, the leverage of infrastructure projects in the transportation sector was more vulnerable to risk than that in other sectors.

最近对基础设施项目的融资表明，债务所占的比重超过股权，引发了公开辩论。因此，作为衡量项目发起人资助能力和意愿的一种手段，成为讨论的重中之重。与杠杆，风险和政府参与相关的两个主要因素可以解释项目发起人对融资决策的选择。因此，本研究将分析风险和政府参与通过基础设施项目的两个主要部门（即运输部门和能源部门）对杠杆的影响，以及将风险衍生为政治风险和金融风险。研究对象是2007年至2016年在亚洲开发银行列出的976个基础设施项目。我们使用审查的回归以基础设施部门为单位，并通过互动效应来检验模型。分析表明，总体而言，基础设施项目的杠杆作用受财务风险的影响大于受政治风险的影响。但是，与其他部门相比，运输部门基础设施项目的杠杆作用更容易受到风险的影响。